Violet Corporation Violet Corporation reported a loss in 2015 of $650,000. The company reported taxable income of $195,000 in 2013 and $215,000 in 2014. It has no permanent or temporary differences and its tax rate is 30%. Refer to Violet Corporation. Violet reported taxable income of $325,000 in 2016. What is the necessary journal entry for 2016?

A. Income Tax Refund Receivable 25,500 Deferred Tax Asset 72,000

Income Tax Benefit 97,500

B. Income Tax Expense 195,000

Income Tax Payable 123,000

Deferred Tax Asset 72,000

C. Income Tax Expense 97,500

Income Tax Payable 25,500

Deferred Tax Asset 72,000

D. Income Tax Refund Receivable 123,000

Deferred Tax Asset 72,000

Income Tax Benefit 195,000